Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,798/mo
Lowest payment- Down payment
- $271,786
- Funds due
- $283,272
- Interest + MI left
- $51,871
- First ends
- Mar 2039
Assumption
Assumption + second
$3,460/mo
+$1,662/mo- Down payment
- $39,786
- Funds due
- $52,571
- Interest + MI left
- $418,218
- First ends
- Mar 2039
New loan
New conventional
$3,085/mo
+$1,288/mo- Down payment
- $39,786
- Funds due
- $49,128
- Interest + MI left
- $528,020
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,214 | $116,214 | $348,214 |
| Second mortgage | — | $232,000 | — |
| First P&I | $1,053.65 | $1,053.65 | $2,410.96 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | $139.03 | $139.03 | $69.64 |
| Taxes, insurance & HOA | $604.83 | $604.83 | $604.83 |
| Total housing payment | $1,797.51 | $3,459.59 | $3,085.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,786
Closing costs & prepaids$12,785
Usable credit−$0
Total buyer cash needed$52,571
Earnest money paid−$0
Remaining funds due$52,571
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,364.50
Prepaid interest, first (1 days)$15.92
Prepaid interest, second (1 days)$49.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing12 yr 4 moOf the original 30-year loan at 5.000%
Interest already paid$143,312Through Nov 2026
Assumption only · ends Mar 2039$51,871
Assumption + second · ends Mar 2039, second Dec 2056$418,218
New conventional · ends Dec 2056$528,020